In the QQQ example there is a European version - the EQQQ ticker - that produces a KIID and is therefore MiFID compliant.
After some research (I’m dull and have nothing better to do!) I don’t believe there is a loophole here. The option to ‘make’ the KIID doesn’t seem legal. There are rules around who can ‘manufacture’ the legal sales documents. So if the ETF provider doesn’t make a KIID then it’s just not sellable in Europe. So you’re have to find those with European variants.
Gotta love MiFID rules.
Thankfully the ETF pool in Europe is long and deep. And fees are coming down all the time as the race to the bottom (ie Fidelity, Schwab 0% ETFs) is on.
A loophole I’ve heard of but not tried (yet) are options: Buy an in-the-money option on the ETF which is expiring soon and execute it. Alternatively, find a broker that offers a CFD on it.
Both ways incur additional expenses and might be worse from a tax point of view. So, I think it only makes sense for ETFs that don’t have an equivalent fund inside the MiFID area. Still, there might be more exotic ones where this approach makes sense (e.g. specialized EM bonds, actively managed ETFs, …)
And regarding PRIIPs article 13. IBKR was last broker that block US ETF if I remember jun? 2018 I was very suprised that broker like IBKR hasnt done this changes with article 13 and 1 bank from Czech republic which offer services also in my country Slovakia (Fio Bank) still offered US ETF after this. I asked them and they write me exatly and appealed to Article 13 of PRIIPs.
this is screenshosts from mail that i receved from my bank Fio and its in slovak language and if i correctly ttranslate to english it it means ** If you do not use a personal broker service or portfolio management, you can trade in such shares. Under Article 13 of the PRIIPS, Fio Bank as a product advisor with an investment component is required to provide key investor information (KID) well in advance of any contract the product becomes mandatory.